https://www.taxtmi.com/caselaws?id=757529 ITAT Bangalore allowed the assessee's appeal against penalty under section 270A for underreporting income. The assessee failed to file original return but entire tax liability was already deducted through TDS by employer and deposited with government. ITAT held that since there was no revenue loss and assessee had bona fide belief that no underreporting occurred due to TDS coverage, penalty was not warranted. The explanation was genuine as assessee regularly filed returns in previous years and had no intention to underreport income. en-us Wed, 21 Aug 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757529 ITAT Bangalore allowed the assessee's appeal against penalty under section 270A for underreporting income. The assessee failed to file original return but entire tax liability was already deducted through TDS by employer and deposited with government. ITAT held that since there was no revenue loss and assessee had bona fide belief that no underreporting occurred due to TDS coverage, penalty was not warranted. The explanation was genuine as assessee regularly filed returns in previous years and had no intention to underreport income. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757529